The highly anticipated Pectra update has taken place on the largest altcoin Ethereum.
The Pectra update, which includes 11 different Ethereum Improvement Proposals (EIPs), is considered the largest update since the Merge upgrade in 2022.
There are 11 Ethereum Improvement Proposals (EIPs)!
Developers have enabled Pectra on the mainnet, the network’s most significant upgrade since Ethereum’s 2022 Merger.
The Pectra update aims to improve staking efficiency, user experience, validator operations, and Layer 2 scalability.
One of the key features of the upgrade is that it increases the amount of ETH a person can stake from 32 to 2,048.
This change could help speed up and streamline transactions for stakers who help keep the Ethereum network afloat.
The Pectra upgrade comes after months of testing and lays the groundwork for future developments like the Fusaka upgrade.
While Pectra’s main focuses are on the EIP-7251 and EIP-7702 proposals, the suite includes nine other Ethereum Improvement Proposals (EIPs) that mostly impact staking providers, validators, and developers, Coindesk reported.
“EIP-2537: Adds functionality to the network that makes certain cryptographic operations faster and more efficient, which can benefit privacy tools. EIP-2935: Stores more information about past blocks in the blockchain, making it easier to verify this data. EIP-6110: Makes the onboarding process for new validators less complicated by managing staking deposits more directly within the system. EIP-7002: Allows validators to initiate withdrawals of their funds directly, improving security and user experience for staking services. EIP-7549: Optimizes how the blockchain handles validator votes. EIP-7623: Increases the cost of paging data used for data availability (DA). EIP-7685: Creates a standardized way to forward requests between the execution layer and the consensus layer. EIP-7691: Increases the capacity to process more blocks of data per block. EIP-7840: Improves the “It offers a configurable setting to manage how much data it can process per block.”
As a result, the Pectra update is expected to have benefits and effects such as increased transaction capacity, reduced transaction fees, ease of use, and increased staking efficiency.
*This is not investment advice.
Continue Reading: The Highly Anticipated Pectra Update Has Been Released on Ethereum! What Does It Bring for ETH?
